Gulf International Bank (GIB) and Saudi International Bank (SIB) have completed their merger, it was announced on 27 April. The paid-in capital of GIB has been increased to $1,000 million. In the new shareholder structure, Gulf Investment Corporation holds a 72.5 per cent stake, Saudi Arabian Monetary Agency 22.2 per cent and JP Morgan Overseas Capital Corporation 5.3 per cent.

Following the legal completion of the merger, a new SIB board of directors has been appointed by GIB, comprising: Khaled al-Fayez (group chief executive officer), Abdullah el-Kuwaiz (GIB general manager), Richard Debs (former president of Morgan Stanley International), John Melbourne (deputy chairman of 3i Group), Matthew Snyder (SIB managing director), and Peter Farrar (chief financial officer of SIB).

Negotiations dealing with the details of the share transfers, which lie at the heart of the deal, have been ongoing since the start of the year (MEED 26:3:99; 12:3:99; 22:1:99; 8:1:99).